Republican establishment types, watching the party’s White House chances shrink with each additional day the ugly GOP nomination race endures, pray for the fat lady to sing. Sadly for them, she’s barely warming up. In the meantime, the GOP candidates are inflicting so much damage on each other as to make them all unelectable in November.

In other words, it’s not the debt – yet. It’s the interest rate – coming. Only when interest rates skyrocket will this debt turn cataclysmic. Meanwhile, Mr. Obama gets to borrow and spend with impunity.